Senate Halts Crenshaw's SEC Renomination Amid Crypto Push

The Senate Banking Committee has canceled a vote on the renomination of SEC Commissioner Caroline Crenshaw, influenced by the crypto industry's strong opposition due to her anti-crypto stance. Crenshaw, known for opposing Bitcoin ETF approvals, was initially appointed by Trump in 2020 and renominated by Biden. The postponement, attributed to limited congressional floor time and partisan disagreements, effectively ends her term unless President-elect Donald Trump chooses to renominate her, which is considered unlikely given his pro-crypto position. This decision is seen as a victory for the crypto industry, which actively lobbied against her with campaigns and communications to lawmakers. With Crenshaw's renomination halted, there is potential for a shift towards a more crypto-friendly SEC leadership. The crypto community anticipates changes in regulatory approaches, particularly concerning Ripple Labs and other digital assets.